Sec. 887.064. DIVIDENDS. If the amount of an association's mortuary fund exceeds the amount of reserves required by Subchapter I, the association may pay dividends from the fund to its certificate holders. The amount of the dividends and the method of distribution of the dividends must be:
(1) equitable and nondiscriminatory; and
(2) approved by the department before payment.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle E - Mutual and Fraternal Companies and Related Entities
Chapter 887 - Provisions Applicable to Certain Mutual Assessment Companies
Subchapter B. General Powers and Duties; Officers and Directors
Section 887.052. Amendment of Bylaws
Section 887.054. Financial Officer; Bond
Section 887.055. Bond Requirements for Certain Persons
Section 887.056. Recovery on Bond
Section 887.058. Change of Association's Name
Section 887.059. Books and Records
Section 887.060. Annual Statement
Section 887.061. Report on Condition of Association